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Business Insider
02-07-2025
- Business
- Business Insider
Mahama's winning streak? Ghana's inflation hits lowest levels in 4 years
Ghana's inflation rate has continued to fall, reaching its lowest level in more than four years, indicating that the West African country's economic recovery may be gaining momentum. Ghana's inflation rate dropped to 13.7% in June, marking its lowest level in over four years. Food inflation decreased substantially from 22.8% in May to 16.3% in June, with non-food price growth also slowing. This decline is part of a six-month consecutive downward trend, showcasing economic recovery momentum. According to the latest Ghana Statistical Service figures, annual inflation fell drastically to 13.7% in June, down from 18.4% in May. This is the sixth consecutive monthly fall, and the lowest reading since late 2020. In Accra, the cedi remained steady at 10.35 to the dollar at 10:19 a.m, as reported by Bloomberg. Food inflation dropped from 22.8% in May to 16.3%. Iddrisu reported that the growth in non-food prices slowed to 11.4% from 14.4% the previous month. The monetary policy committee of the central bank will make its next interest-rate announcement on July 23. Given the more benign inflation reading, it might be able to reduce borrowing costs. Government Statistician Alhassan Iddrisu revealed the statistics in Accra on Wednesday, citing the country's stronger currency and favorable external conditions as important factors in alleviating inflationary pressures. A similar trend last month indicated that consumer inflation fell to 18.4% in May from 21.2% in April, highlighting a steady disinflationary pattern since the beginning of the year. Iddrisu had also voiced confidence that inflation would continue to fall, given the current macroeconomic conditions. Political backdrop and policy implications of the John Mahama administration President John Mahama, who came to power earlier this year, has led the country to positive inflation rates. Since assuming office, Mahama's administration has prioritized budgetary restraint, currency stability, and export growth as important drivers of economic development. Ghana's capacity to maintain this development will be dependent on a number of factors, including continuing currency stability, good fiscal management, and favorable commodity prices. Ghana, as one of the few African economies displaying significant indicators of macroeconomic stability in 2025, is providing a positive signal to both domestic and foreign investors.
Business Insider
02-07-2025
- Business
- Business Insider
Mahama's winning streak? Ghana's inflation hits lowest point in over 4 years
Ghana's inflation rate has continued to fall, reaching its lowest level in more than four years, indicating that the West African country's economic recovery may be gaining momentum. Ghana's inflation rate dropped to 13.7% in June, marking its lowest level in over four years. Food inflation decreased substantially from 22.8% in May to 16.3% in June, with non-food price growth also slowing. This decline is part of a six-month consecutive downward trend, showcasing economic recovery momentum. According to the latest Ghana Statistical Service figures, annual inflation fell drastically to 13.7% in June, down from 18.4% in May. This is the sixth consecutive monthly fall, and the lowest reading since late 2020. In Accra, the cedi remained steady at 10.35 to the dollar at 10:19 a.m, as reported by Bloomberg. Food inflation dropped from 22.8% in May to 16.3%. Iddrisu reported that the growth in non-food prices slowed to 11.4% from 14.4% the previous month. The monetary policy committee of the central bank will make its next interest-rate announcement on July 23. Given the more benign inflation reading, it might be able to reduce borrowing costs. Government Statistician Alhassan Iddrisu revealed the statistics in Accra on Wednesday, citing the country's stronger currency and favorable external conditions as important factors in alleviating inflationary pressures. A similar survey last month indicated that consumer inflation fell to 18.4% in May from 21.2% in April, highlighting a steady disinflationary trend since the beginning of the year. Iddrisu had also voiced confidence that inflation would continue to fall, given the current macroeconomic conditions. Political backdrop and policy implications of the John Mahama administration President John Mahama, who came to power earlier this year, has led the country to positive inflation rates. Since assuming office, Mahama's administration has prioritized budgetary restraint, currency stability, and export growth as important drivers of economic development. Ghana's capacity to maintain this development will be dependent on a number of factors, including continuing currency stability, good fiscal management, and favorable commodity prices. For the time being, the trend appears to be positive. Ghana, as one of the few African economies displaying significant indicators of macroeconomic stability in 2025, is providing a positive signal to both domestic and foreign investors.
Business Insider
01-07-2025
- General
- Business Insider
Nearly 30.7% of Ghana's population lives in slums
A new report released by the Ghana Statistical Service (GSS) has revealed that approximately 29.5% of Ghana's population, representing about 4.8 million people, are living in slums or informal settlements. Accra and Ashanti regions have the highest slum housing rates, over 50%. Recent Ghana Statistical Service report shows 29.5% of Ghanaians live in slums. Women in slums face higher fertility rates, posing additional challenges. The findings underscore the severity of Ghana's housing challenges and the urgent need for targeted urban development policies. Slums and informal settlements spread across cities Titled The Slums and Informal Settlements Report, the publication highlights widespread issues with housing, poor urban planning, and limited infrastructure in many Ghanaian communities. Launched on 30 June 2025, the report exposes deepening inequalities in the country's urban landscape. Speaking at the launch, Government Statistician, Dr Alhassan Iddrisu, described the figures as 'a serious wake-up call' and urged local authorities to take leadership in addressing urban poverty and housing deficits. 'This data must not be shelved,' Dr Iddrisu insisted. 'It should inform how we plan, allocate resources, and intervene at the local level to reduce disparities.' Greater Accra and Ashanti regions top slum sousing rates The report found notable regional disparities in slum conditions. The Greater Accra Region recorded the highest proportion of slum dwellers in rented spaces at 52.5%, followed by the Ashanti Region at 51.8%. Other regions posted significantly lower figures, suggesting that slum living is particularly concentrated in the nation's most densely populated urban centres. Dr Iddrisu called for urgent reforms in housing, sanitation, and social service delivery, noting that slum conditions pose serious threats to public health, safety, and equity. He urged metropolitan, municipal, and district assemblies to align their budgets and development strategies with the data presented. The report also observed that women living in slum areas exhibit slightly higher fertility rates compared to women in non-slum localities—a dynamic that may add pressure to already overstretched infrastructure and services in informal settlements. Despite Ghana's rapid population growth and increased internal migration, the GSS report revealed that only 10% of localities across the country are formally classified as urban, even though slum conditions persist in many areas. This mismatch between population trends and urban classification highlights a critical gap in planning and infrastructure expansion.
Business Insider
30-06-2025
- Business
- Business Insider
Ghana ranked 12th in Africa with highest cost of living despite inflation drop
Ghana has been ranked 12th out of 23 African countries with the highest cost of living, according to new data released by Numbeo. The country recorded a Cost of Living Index score of 30.6, with sub-indexes of 12.1 for rent and 33.3 for groceries, reflecting the pressure on consumer budgets despite recent inflation relief. Ghana ranks 12th among 23 African countries with high living costs, according to a Numbeo study. The country's Cost of Living Index is 30.6, with rent at 12.1 and groceries at 33.3. Despite high living costs, Ghana notices the fifth consecutive month of declining inflation, reaching 18.4%. Top African Countries by Cost of Living The report ranks Ethiopia as the most expensive country in Africa (43.2), followed by Botswana (39.5) and Mozambique (38.9). Others in the top 10 include Ivory Coast, Somalia, Cameroon, Mauritius, Zimbabwe, Rwanda, Zambia, and Tanzania. Inflation sees fifth consecutive decline Despite Ghana's high living costs, inflation has declined for the fifth straight month. The Ghana Statistical Service (GSS) reported that inflation fell to 18.4% in May 2025, down from 21.2% in April. The decline is largely attributed to reduced transport fares and a fall in non-food inflation. Breakdown of inflation trends Food inflation dropped to 22.8% from 25.0% the previous month. Non-food inflation recorded a sharper fall to 14.4% from 17.9%. Transport inflation saw the biggest decline, plunging from 14.9% to just 3.1%. Food remains the largest contributor to Ghana's inflation, accounting for 9.7 percentage points of the 18.4% total headline rate. Conclusion
Business Insider
29-05-2025
- Business Insider
One in six Ghanaians paid bribes to access public services in 2024
One in six Ghanaians who interacted with public officials in 2024 admitted to paying a bribe to access public services, the Ghana Statistical Service (GSS) has disclosed. 18.4% of Ghanaians who interacted with public officials in 2024 reported paying bribes, with cash being the most common form. The survey, which involved 7,248 participants nationwide, identified urban regions and the ages 35–49 as hotspots for bribery incidences. Among those paying bribes, individuals with higher education levels and employment status were prominent contributors. According to the newly launched Governance Series Wave 1 Report, 18.4% of respondents who dealt with public officials during the year reported giving bribes—most commonly in cash. The report forms part of Ghana's ongoing efforts to track progress on Sustainable Development Goal (SDG) Indicator 16.5.1, which measures the proportion of the population who paid or were asked to pay a bribe to a public official. The nationwide survey, conducted through Computer-Assisted Telephone Interviewing (CATI), sampled 7,248 individuals across all 16 regions. Over half of the participants (55.7%) confirmed they had interacted with at least one public official from January to December 2024. Bribery patterns by gender, age, and location The study identified stark disparities in bribery trends. Men accounted for a staggering 77.4% of those who paid bribes, while women made up only 22.6%. Urban areas also emerged as bribery hotspots, with 61.9% of bribery cases recorded in cities compared to 38.1% in rural areas. The most affected age group was 35–49 years, representing approximately 43% of all bribes paid. Individuals with tertiary and junior high school (JHS)/middle-level education recorded the highest rates of bribe payments, and employed persons made up the bulk of those involved (75.6%). Surprisingly, 22.4% of unemployed individuals reported paying bribes exceeding GH¢1,000, underlining the steep economic burden corruption places on jobseekers and vulnerable populations. Among persons living with disabilities, about 21% reported engaging in bribery, with the highest rates observed among those with physical (40.1%) and visual (32.5%) impairments. Police top the list of most corrupt institutions The Ghana Police Service's Motor Traffic and Transport Department (MTTD) emerged as the most corrupt institution, with six out of ten individuals who interacted with the MTTD admitting to paying bribes. Other top-ranking institutions included: General duties police officers – 46.7% Criminal Investigations Department (CID) – 37.9% City guards – 34.4% At the other end of the spectrum, the Minerals Commission recorded zero bribery incidents, while only 2.6% of respondents cited bribe-related encounters with foreign embassies or consulates. Regionally, Greater Accra (22%) and Ashanti (18.1%) recorded the highest levels of bribery. In contrast, Savannah (1%) and North East (1.1%) regions reported the lowest incidences. What bribes look Like: cash still dominates Cash remained the most common form of bribe, accounting for 85.2% of all reported gifts. Other bribe forms included: Food, drinks, animals – 9% Exchange of services – 4.4% Bribe amounts varied, with: One-third paying between GH¢101 and GH¢500 14% paying over GH¢1,000 More men (15.6%) than women (10.8%) reported paying bribes above GH¢1,000. Urban dwellers paid more frequently and in higher amounts than rural residents, with Greater Accra leading in high-value bribes. How bribes were Initiated – and why they go unreported Public officials were responsible for initiating 74.9% of bribes—either directly or through intermediaries. Another 17.3% of individuals gave bribes voluntarily, either to speed up processes or as a show of gratitude. However, only 14.5% of bribery incidents were reported to the appropriate authorities. Urban residents were more likely to report than their rural counterparts, reflecting both access and confidence in anti-corruption channels. A call to action for reforms Government Statistician Dr Alhassan Iddrisu described the findings as a 'call to action', urging decision-makers to develop policies grounded in data. 'This evidence must be used to drive reforms, empower citizens and ultimately reduce corruption in public service delivery,' he stated. The Governance Series, which will be conducted bi-annually, aims to monitor changes in governance experiences. These findings will also support Ghana's third Voluntary National Review (VNR) of the SDGs, scheduled for July 2025.
